Flipkart Has Raised $700 Million In A Fresh Round Of Funding From Baillie Gifford

India’s e-commerce poster boy Flipkart has managed to raise $700 million in a new funding round. The biggest new investor is Qatar Investment Authority which has picked up a $150 million stake.

Many new investors participated in this latest financing round, including Greenoaks Capital, Steadview Capital and T Rowe PriceAssociates. Old investors like DST Global, GIC, ICONIQ Capital and Tiger Global also participated.

Here is the company’s statement in full:

Flipkart, India’s largest e-commerce marketplace, today announced a US $ 700 million investment with new investors: Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority, along with existing investors: DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.

As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences.

Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50. This filing ensures we are in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.